Washington Times founder wants his paper back

The executive editor of The Washington Times has confirmed a report that the owner of the financially-troubled newspaper has reached a preliminary agreement to sell the paper to a company affiliated with the Unification Church.

Sam Dealey said late on Tuesday that the deal is subject to a 30-day due diligence period.

The sale to News World Media Development will be finalised after that if all parties still agree.

The development comes just four years after the Unification Church's Korean leader Sun Myung Moon gave the conservative newspaper to his eldest son, Preston Moon. He is considering paying millions of dollars to buy back the paper he founded in 1982.

Dealey called the agreement a "welcome development," and praised the newspaper's staff.

The newspaper has struggled to stay afloat financially, cutting roughly 40 per cent of its staff this year and eliminating its sports and metro sections. Dealey says the newspaper's circulation is roughly 40,000.